Guardian Auction enters Hong Kong market
The Chinese oldest auction company, China Guardian will enter the Hong Kong market with its first sale on October 7. The focus will be on Chinese traditional modern paintings like favorites, Qi Baishi, Li Keran and Xu Beihong, old masters from the 1920-30’s.
This has created a great anticipation in the HK market and it will be head-to-head contest between the Chinese mainland and the western auction houses. Choosing October, Guardian will compete with Sotheby’s who normally are first for the season and draws more than a quarter of its auction revenue in HK. However other sectors like Chinese contemporary is not challenged for now.
It would not take long before Guardian’s arch rival Poly Auctions will enter Kong Kong market as well but so far no announcement. Most likely they will enter in 2013 spring auction.